The crypto industry had a big blow last week. The North Korean hackers group Lazarus managed to capture $ 1.4 billion in Ethereum in an attack on Bybit. This makes it the largest digital robbery in history. Now that the extent of the damage is clear, the discussion flares about the correct response from the sector.
Some influential voices within the industry argue for a rollback from the Ethereum network to get the stolen funds back. But according to Mike Novogratz, CEO of Galaxy Digital, that is not an option. He would rather see world leaders play against Lazarus.
Ethereum hard fork is not an option
Novogratz wipes the idea of the table to reverse Ethereum (ETH). On X he calls it a “false narrative” and states that the situation is completely different from the DAO hack in 2016. At the time, the blockchain was reversed after a theft of 3.6 million ETH, which led to the split between Ethereum and Ethereum Classic.
“The Dao-Fork took place when Ethereum was still in its infancy. That is no longer the case. Bybit will get a big blow, but suspicious accounts will be frozen and we will continue, ”says Novogratz.
According to him, Lazarus has been a threat for years and the group has not only stolen Ethereum, but also Bitcoin and other cryptocurrencies. Instead of a hard fork, the focus should be on international cooperation to stop this group.
Governments must take action
Lazarus remains a great danger to the crypto world. The group is linked to several hacks, including attacks on Ronin Network ($ 600 million) and Harmony’s Horizon Bridge ($ 100 million). The North Korean state would use the stolen funds to finance its weapons programs.
Novogratz calls on governments to intervene. “It is time that world leaders tackle Lazarus.” His call does not fall from the sky. The American authorities have already labeled the group several times as a threat to financial stability.
In the meantime, the crypto community is doing everything it can to limit the damage. Stolen funds are followed and suspicious wallets are frozen. This must prevent Lazarus from easily money laundering via regular exchanges.
Despite the hack and the discussion about a rollback, the Ethereum course remains surprisingly stable. EHH is currently acting around $ 2,688.
For Bybit, the hack is a bitter pill, but according to Novogratz, the exchange has delivered “world class work” in the aftermath of the attack. The question now is whether governments will actually take steps against Lazarus or whether the crypto industry should again come up with solutions.
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Source: https://newsbit.nl/mike-novogratz-geen-hard-fork-voor-ethereum-pak-lazarus-group-aan/
